It may have been a short week because of the Easter Long weekend, but that did not stop buyers in the Real Estate Board of Greater Vancouver and the Fraser Valley Real Estate Board from getting into multiple offers and paying at or above the list price. Find out how this competition makes sellers smile, and Buyers cringe on your Monday Market Monitor!
Welcome back to your Monday Market Monitor friends. For those of you who may have missed last week’s video, we are moving to a slightly different format and including stats and data from both the Lower Mainland of the Fraser Valley.
Not only were subscribers asking for it, but the data is so closely linked that if I am to help you make the best Real Estate decisions, I should give you all the facts.
So, let’s get started with the data and statistics from both the Real Estate Board of Greater Vancouver and the Fraser Valley Real Estate Board for the week of April 3rd – April 9th, 2023.
As you can imagine, since we had a short week, the number of new listings to the market last week fell from 1165 to 965 in the Vancouver Board and 592 to 470 in the Fraser Valley.
We need to sustain higher levels of inventory coming to the market to satiate the buyer appetite because right now, our weekly absorption rate is just under two weeks in Vancouver and just over one and a half weeks in the Fraser Valley.
What does that mean in lamens terms? Great question!
It means that we are taking just about two weeks to sell the inventory that is coming to the market. And the less stock there is, the more competition there is for those buyers out there.
We will discuss this further in a minute.
Let’s turn to sales. Last week in Greater Vancouver, we had 539 successful sales, up week-over-week, and 298 in the Fraser Valley, which is down.
Despite the sales numbers not being the highest we have seen this year, there was still a HUGE percentage of the properties selling at or above the list price.
In fact, in Greater Vancouver, 39% of the properties sold at or above the list price! And what am I going to tell you about that number? Yes, you guessed it! That is the highest percentage of properties sold at or above the list price.
Given that, one might assume that the Fraser Valley is seeing something pretty similar. If that is what you imagined, then you are right, but what you may not have planned on was just how many properties were affected.
Last week of the successful sales in the Fraser Valley whopping 44% of the successful sales were at or above the list price. That is nearly half of all the properties sold in very, very, very hot demand.
So hot that in the Fraser Valley, the time to achieve a successful home sale dropped to 11 days, compared to Vancouver, where it increased by a day to 13 days.
So if you are planning to sell your home in the Fraser Valley, I am telling you, now is a great time to list.
Take advantage of the people in Vancouver selling condos and townhomes and looking to move up to an affordable detached home in the Fraser Valley.
And if you are one of the lucky ones in Vancouver looking to sell your condo or townhome and move up to a detached home in the Fraser Valley, then I say now is the time to act before the bidding wars in the Fraser Valley get crazier and more prevalent.
Navigating a fast-paced market like the one we are experiencing now requires an experienced Realtor to guide you through the process.
So remember, if you want to have an in-depth conversation about the Vancouver Real Estate Market and how these stats will affect your Spring home sale or home purchase, then reach out for some expert advice.
Thank you so much for tuning in to your Monday Market Monitor, and we will see you in the next video.